The Importance of Data in Your Supply Chain

Published January 13 2020 by Reddy Beeram
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If you’re worried about your supply chain, you’re not alone. When surveyed, 87 percent of chief supply chain officers (CSCOs) said it is extremely difficult to predict and manage supply chain disruptions, while 84 percent of them cited lack of visibility as their biggest challenge.

Business decisions can’t be made with an incomplete picture. Companies can’t react to a rapidly changing market without real-time visibility into demand trends, its fluctuating raw material costs and the company’s current inventory. And an outdated enterprise software platform won’t be able to handle collecting and processing all the information because it wasn’t designed to do so.

The first step in becoming a data-first organization is to implement an ERP systems that can collect information from all your different business departments and compile it to become the one source of truth for your organization. From vendors and raw materials costs, to production and transportation, to all your financial information, getting a clear picture of your business means collecting all your data in one place.

Next, consider the ways that technology can help you make sense of all your data. All the information collected can be overwhelming for business leaders without the right dashboards and actionable insights that include predictive analytics. All the data from IoT devices and sensors throughout a company’s production facility can be quickly analyzed with AI, and suggested actions can be given to the right employees quickly or corrective signals sent to the right resources. If the data is consolidated into a single source, structured properly, quick analysis and insights are possible. But if Business applications and the data they collect is siloed, the analytics and insights that business leaders want won’t be achievable.

Download our eBook, How a Proactive Data and Analytics Strategy Ensures Strategic Alignment Through Your Supply Chain Management, to learn more ways you can get visibility into your supply chain to gain a competitive advantage.
How a Proactive Data and Analytics Strategy Ensures Strategic Alignment Through Your Supply Chain Management

Reddy currently serves as Director of Product Management for Alithya. His Dynamics 365 design and development experience is based on a solid foundation of industry knowledge and a deep understanding of the involved business processes and usage requirements for ERP systems. He has been at Fullscope for almost 20 years.

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